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Is an Adjustable-rate Mortgage the Cure for Today’s Homebuyer Blues?

The recent announcement from the Federal Reserve that they raised The Fed Fund Rate by 25 basis points has been part of what refueled borrowers’ interest in adjustable-rate mortgages (ARMs), along with the rising mortgage rate environment. The volume of ARM mortgage applications increased for the third straight week last week, according to the Mortgage …

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Hottest US Housing Markets Shift from Traditional to Surprising

Blog / By Vince Furey

A lot of things are different in 2023, including the traditionally hot housing markets. Los Angeles, New York and San Francisco are no longer atop the “hottest housing markets” list. According to recent data from Realtor.com, the hottest markets have shifted into a whole new category – suburbia. Suburban communities are leading with home sales …

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The Fund Rate Bumped-Up by 25 Basis Points

Blog / By Ryan Saniuk

How will this ninth increase in the rate since March 2020 impact the housing market? Here’s what experts say! March is the official beginning of Spring in the United States, but you wouldn’t know it by the record snow falling across the country this month. Also, March is expected to be the start of the …

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Latest Data on Pending Home Sales Reveals Glimmer of Hope

Blog / By Ryan Saniuk

Are we seeing the start of a market rebound, and if yes, how long may the recovery take or are we just being too optimistic as interest rates rise again? Experts weigh in. The National Association of Realtors (NAR) just released data on pending home sales, and the results were not all that bad – …

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Will Consumer Credit Card Debt Impact Mortgage Buying Power?

Blog / By JP Kelly

Consumers with high credit card debt today could become borrowers with a distinct buying disadvantage tomorrow. The total amount of credit card debt for American consumers is approaching $1 trillion. Wow, that is a big number! Since the pandemic has seemingly become endemic, there has been a surge in credit card debt in this country. …

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January Inflation Cools; Eyes Turn to Fed’s Next Meeting

Blog / By Ryan Saniuk

Good news about inflation and a strong jobs report is being read by some as bad news that the Federal Reserve could add another interest rate hike or more significant increase next meeting The consumer-price index (CPI) cooled slightly in January, yet, in the rate announced on February 13 there was still a YoY increase …

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Medical Debt & Health Costs Biting Budgets

Blog / By Ryan Saniuk

As these costs rise, home purchasing power declines. What impact will these costs have on homebuyers? More Americans are struggling to pay off medical debt, recent studies show, and for many households, this may impact the bottom line when it comes to budgeting for the rest of life’s expense, including housing. To add context, in …

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Are Home Seller Concessions Artificially Boosting Home Prices?

Blog / By Vince Furey

Do home sales appear more stable than they really are? Home sale concessions are a powerful tool in the arsenal of the home seller. This tactic is frequently used during a “buyers’ market.” More recently, many home sale transactions have started to include “goodies” offered by the seller to sweeten the deal for the homebuyer. …

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2023 Mortgage Rates Could Stabilize Around 6%

Blog / By Alyson Austin

With mortgage rates off highs, applications are revving up and down. So, what’s in store for the mortgage market? Mortgage rates are trending downward and could continue to fall in the months ahead even though the Federal Reserve continues to raise the federal funds rate. Since the Fed started its upward trajectory on the Fed …

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Car Payments, Delinquencies and the Housing Market Blog Hero Image

Car Payments Keep Soaring, Taking an Even Bigger Bite Out of Prospective Homebuyer DTI

Blog / By Ryan Saniuk

Down payments for new and used cars are higher than ever as car loan delinquencies rise Several months ago, OpenClose™ posted a blog that detailed how soaring car payments could impact a borrower’s ability to qualify for a mortgage or access funds for a desired home at current prices. Now, continued interest rate hikes make …

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